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Operating Expense Breakdown
Details core costs like R&D, marketing, and admin, offering insight into how efficiently Etsy manages its operations and where it focuses its spending to drive growth and maintain competitiveness.Etsy’s expense mix shows deliberate trade-offs: sustained high R&D and targeted holiday S&M fuel app momentum and take‑rate expansion, while recent sharp cuts in G&A (and a Q1 R&D dip) reflect tighter cost discipline. Large, sporadic impairment charges and past divestitures distort comparability, but excluding them the company’s improved cash conversion and controlled operating spend underpin management’s confident 28–30% adjusted‑EBITDA margin guide despite only low single‑digit GMS growth visibility.
Date | Sales and Marketing | Research and Development | General and Administrative | Impairment Charges |
|---|---|---|---|---|
Jun 30, 2026 | $190.93M | $100.92M | $66.93M | $0.00 |
Mar 31, 2026 | $174.24M | $99.05M | $62.46M | $0.00 |
Dec 31, 2025 | $305.88M | $114.44M | $94.38M | $0.00 |
Sep 30, 2025 | $207.84M | $113.38M | $79.45M | $0.00 |
Jun 30, 2025 | $212.11M | $111.86M | $78.72M | $0.00 |
Mar 31, 2025 | $189.00M | $110.51M | $80.22M | $101.70M |
Dec 31, 2024 | $285.17M | $111.47M | $82.71M | $0.00 |
Sep 30, 2024 | $196.53M | $107.25M | $86.18M | $0.00 |
Jun 30, 2024 | $183.06M | $114.49M | $95.99M | $0.00 |
Mar 31, 2024 | $191.81M | $109.85M | $89.07M | $0.00 |